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<p>The African Development Bank says for African countries to prepare for a post-COVID–19 world and greatly increase their resilience, governments should address structural bottlenecks that make the continent more vulnerable to future shocks. Kevin Urama, the AfDB’s Senior Director for African Development Institute joins CNBC Africa’s Kenneth Igbomor to discuss how African economies can come out better post-Covid-19.</p>


#AfDBAM2020: AfDB’s Kevin Urama on how Africa can emerge stronger from the COVID-19 crisis

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<p>The African Development Bank through its Industrialization Strategy for Africa looks to double the continent’s Industrial GDP over the next decade. To achieve this goal, the AfDB defined six flagship programs under the industrialization strategy. Solomon Quaynor, the AFDB’s Vice President for the Private Sector, Infrastructure and Industrialization joins me to discuss some wins from the strategy so far and how Africa can rethink its industrialization targets post-COVID-19.</p>


#AfDBAM2020: How Africa can rethink industrialisation after COVID-19

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<p>The African Development Bank’s Lusophone Development Compact was designed to drive more private sector and public-private partnership investments into Africa’s Lusophone Countries. As the Annual meetings of the AFDB take centre stage this week, Mateus Magala joins CNBC Africa to discuss the AfDB’s efforts in the Lusophone countries.</p>


#AfDBAM2020: How to accelerate private sector growth in Lusophone countries

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<p>This week, the Annual Meetings of the African Development Bank will be a key focus on the continent. The AfDB says Africa’s regional economic integration efforts aim to create larger, more attractive markets, link land-locked countries to international markets and support intra-African trade. So, how has the COVID-19 pandemic affected Africa’s development and regional integration agenda? Khaled Sherif, AfDB’s Vice President for Regional Development, Integration and Business Delivery joins CNBC Africa for more.</p>


How COVID-19 is impacting Africa’s development & regional integration agenda

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<p>This special broadcast on the topic: Why Investing in Digital Infrastructure Post-COVID-19 is Critical to Africa’s Economic Recovery” brings together prominent speakers from the four corners of Africa. It also sees the announcement of the Africa50 Innovation Challenge Finalists&#8230;.</p>


#Africa50: Why Investing in Digital Infrastructure post-COVID-19 is Critical to Africa’s Recovery

#Africa50: Why Investing in Digital Infrastructure Post-COVID-19 is Critical to Africa’s Recovery

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<p>A three-member independent review panel led by former Irish President Mary Robinson says they are satisfied with the submissions of the internal probe carried out by the ethics committee of the African Development Bank, thus clearing the president of the bank, Akinwumi Adesina of all 16 allegations levelled against him by unidentified whistle-blowers in January this year, accusing him of unethical conduct and questionable appointments. Financial Derivatives CEO, Bismarck Rewane joins CNBC Africa for more.</p>


Independent panel clears AfDB’s Adesina of all allegations

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<p>Updated forecasts from the African Development Bank show that Africa’s growth is expected to rebound to 3 per cent by 2021 from a 3.4 per cent contraction in 2020 in the worst-case-scenario. Hanan Morsy, Director for Macroeconomic Forecasting and Research at the AfDB joins CNBC Africa for more.</p>


AfDB forecasts Africa’s growth in 2021

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<p>According to the African Development Bank’s revised African Economic Outlook, though the continent is expected to rebound next year; it could lose a quarter of a trillion dollars in economic output for the rest of this year and 2021. Nnenna Nwabufo, Acting Director-General of East Africa Regional Office at the AfDB joins CNBC Africa for more.</p>


AfDB’s Nnenna Nwabufo on how COVID-19 has impacted African economies

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<p>The African Development Bank says an additional 49 million Africans could be pushed into extreme poverty by the Covid-19 pandemic and its aftermath. This was in the updated forecast of the Africa Economic Outlook, where they expect Central Africa and West Africa to be the hardest-hit regions. Kayode Akindele, Partner at TIA Capital joins CNBC Africa for more.</p>


How COVID-19 could condemn millions of Africans into extreme poverty

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<p>As Nigeria continues the grapple with the COVID-19 shock, Africa’s largest economy has received a new boost of $288.5 million from the African Development Bank to help reduce the impact of the pandemic on people and businesses. This comes as the bank recently concluded its country strategy paper for Nigeria for the next 4 years. Ebrima Faal, Senior Director of the Nigeria Country Department, of the African Development Bank joins CNBC Africa’s Kenneth Igbomor to share more details on the bank’s plan and strategy for Nigeria.</p>


AfDB boosts Nigeria’s COVID-19 fight with $288.5mn


<p>ABIDJAN (Reuters) &#8211; The <a href="https://www.cnbcafrica.com/west-africa/2020/06/03/nigerias-president-backs-embattled-african-development-bank-chief/">African Development Bank’s (AfDB)</a> board on Thursday said it stood by an internal investigation that had cleared its president of improper conduct, but it would carry out an independent review of the report in the interest of due process.</p>



<p>AfDB President Akinwumi Adesina has been accused of abuse of office by a whistleblower at the bank, including favouritism in hiring. He has denied the allegations and a report by the bank’s ethics board cleared him of wrongdoing.</p>



<p>The United States, AfDB’s second-largest shareholder, has demanded a new independent probe into the allegations, rejecting the bank’s investigation over reservations about the integrity of the bank’s process. Meanwhile, top shareholder <a href="https://www.cnbcafrica.com/videos/2020/06/04/understanding-nigerias-debt-strategy-4/">Nigeria</a> has voiced its support for Adesina.</p>



<p>In a statement, AfDB’s board of governors said it believed the bank’s ethics committee, which produced the report, had carried out its role correctly. But the board has nevertheless agreed to authorise a review.</p>



<p>“The independent review shall be conducted by a neutral high caliber individual with unquestionable experience, high international reputation and integrity,” it said.</p>



<p>On Tuesday, Nigerian President Muhammadu Buhari gave his backing to Adesina in his bid for a second term as AfDB president despite the allegations.</p>



<p>Adesina later this year plans to pursue a second term as the head of the multilateral lender, which is headquartered in Ivory Coast’s commercial capital Abidjan.</p>



<p>The board said the review of the investigation would take no more than four weeks and not interfere with the bank’s electoral calendar.</p>



<p>The bank’s whistle-blowing and complaints handling policy will also be reviewed at a later date to ensure it is being properly implemented, it said.</p>



<p>(Reporting by Bate Felix; Additional reporting by Ange Aboa; Writing by Alessandra Prentice; Editing by Sam Holmes)</p>



<p>This article was first published on Reuters <a href="https://www.reuters.com/article/us-africa-bank-idUSKBN23B3HG">https://www.reuters.com/article/us-africa-bank-idUSKBN23B3HG</a> and is republished with its permission.</p>



<p>For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a></p>


AfDB board stands by embattled President Adesina

African Development Bank board stands by embattled President Adesina


<p>While hosting <a href="https://www.cnbcafrica.com/videos/2020/04/09/afdb-announces-10bn-war-chest-to-fight-covid-19/">African Development Bank</a> (AfDB) President Akinwumi Adesina on a courtesy visit at State House on Tuesday, Nigerian President <a href="https://www.cnbcafrica.com/videos/2020/06/01/grading-buharis-economic-performance-over-the-past-5-years/">Muhammadu Buhari</a> said the country will support Adesina in his bid to get re-elected as President of the multilateral bank.</p>



<p>This follows several <a href="https://www.cnbcafrica.com/west-africa/2020/06/01/stop-this-culture-of-frivolous-allegations-former-world-bank-treasurer-arunma-oteh-defends-african-development-bank-president/">allegations of misconduct</a> against Adesina at the financial institution, of which he has denied.</p>



<p>The following statement provides further details:</p>



<p><strong>PRESIDENT BUHARI TO AfDB PRESIDENT, ADESINA: I’LL STAND BY YOU</strong></p>



<p>President Muhammadu Buhari says Nigeria will stand solidly behind Dr Akinwumi Adesina in his bid to get re-elected as President of the African Development Bank (AfDB)</p>



<p>The President spoke at State House, Abuja, Tuesday, while hosting Dr Adesina on a courtesy visit.</p>



<p>“In 2015, when you were to be elected for the first term, I wrote to all African leaders, recommending you for the position. I didn’t say because you were a People’s Democratic Party (PDP) Minister, and I belonged to the All Progressives Congress (APC), so I would withhold my support. I’ll remain consistent with you, because no one has faulted the step I took on behalf of Nigeria,” said President Buhari.</p>



<p>The President pledged that Nigeria would work with all other leaders and stakeholders in AfDB to ensure that Dr Adesina was elected for a second term built on the record of his achievements during his first term.</p>



<p>The African Union had already endorsed the incumbent AfDB President as sole candidate for the continent, but some other stakeholders are trying to ensure that Dr Adesina is re-investigated on some allegations, and rendered ineligible to run.</p>



<p>Giving a background to what was happening in the bank, Dr Adesina, a former Nigerian Minister for Agriculture, said the 16 allegations raised against him were trumped up, “and without facts, evidence, and documents, as required by the rules and regulations of the bank.”</p>



<p>He added that the Ethics Committee of the bank cleared him of all the allegations, and calls for fresh investigation by the United States of America, were against the rules.</p>



<p>“My defense ran into 250 pages, and not a single line was faulted or questioned. The law says that report of the Ethics Committee should be transmitted to the Chairman of Governors of the bank. It was done, and the governors upheld the recommendations. That was the end of the matter, according to the rules. It was only if I was culpable that a fresh investigation could be launched. I was exonerated, and any other investigation would amount to bending the rules of the bank, to arrive at a predetermined conclusion,” Dr Adesina said.</p>



<p>Stressing that the motive was to soil his name, and that of the bank, the AfDB President said he was proud to be Nigerian, and thanked President Buhari for his unflinching support.</p>



<p>“You helped me to get elected in the first place, and you have supported me robustly all along, and the African Union unanimously endorsed my re-election” he declared.</p>



<p>While commiserating with President Buhari on the death of the former Chief of Staff, Mallam Abba Kyari, Dr Adesina described Professor Ibrahim Gambari, new Chief of Staff as “a man of integrity, and of global standing.”</p>


President Buhari to AfDB President Adesina: “I’ll stand by you”


<p>By Dr Adrian Saville, CE, Cannon Asset Managers</p>



<p>In September 2006, economics professor Nouriel Roubini warned an incredulous audience of fellow economists at the International Monetary Fund (IMF) that the US housing market was at risk of collapsing – an event that could ruin the global financial system. This was at a time when the global economy had recorded its fastest patch of growth in 30 years and, in the space of a decade, US house prices had doubled, making for the sturdiest gain in house prices in the post-war era.</p>



<p>Unfortunately, Roubini was right. Soon after his address, the global financial crisis (GFC) struck, and the little-known scholar of emerging markets quickly became the Wall Street celebrity “Dr Doom”.</p>



<p>The lessons learned from the GFC encouraged policymakers worldwide to work furiously to get economies back into shape through a series of fierce and co-ordinated policy responses to the impacts of Covid-19. In turn, this has encouraged a consensus view amongst economists that the recovery from the crisis will be V-shaped. Wall Street&nbsp; agrees, with the S&amp;P500 and NASDAQ having rebounded sharply since March’s meltdown. In fact, it seems that markets anticipate that the bold responses from the world’s leading policymakers will produce an equally fierce rebound in economies and earnings.</p>



<p><strong>Groundhog Day</strong></p>



<p>Yet, as if trapped in the tragicomedy of Groundhog Day, Dr Doom again disagrees with this consensus, and suggests the economic trajectory is likely to be L-shaped. Admittedly, Roubini expects an economic rebound in the pandemic’s immediate aftermath, but insists that this recovery will quickly collapse beneath the weight of the global economy’s accumulated debts, giving rise to the prospect of an economic depression.</p>



<p>It’s tempting to dismiss Roubini as having been “spectacularly right” the first time because he was banging on the disaster drum for many years before the GFC struck. But there is more than enough evidence in the post-pandemic makeup to suggest that we should be paying close attention to a depression scenario.</p>



<p>Markers for concern include a collapse in vehicle sales; the imposition of trade barriers to protect domestic markets; falling commodity prices; a wave of consumer debt thanks to easy money; a dive in the federal funds rate; a surge in unemployment; sharp market swings; deepening fiscal deficits; and the risk of a deflationary price spiral.</p>



<p><strong>The risk is that Roubini is right</strong></p>



<p>This list bears eerie similarity to the features that characterised the Great Depression of the 1930s. So, in deliberating on Roubini’s diagnosis and the implications for policymakers and investors, the risk is not that he is wrong, but that he is right.</p>



<p>We ignore this risk at our peril. In depression scenarios, conventional economic policy stops working, and markets behave differently. For example, in terms of policy, economists Lawrence Summers and J. Bradford DeLong have shown the importance of fiscal expansion – rather than fiscal prudence – in depressions.</p>



<p>Depressions also offer a good reason to seek and maintain some price inflation. Nominal interest rates of zero can’t be lowered much further. But the real rate of interest – the nominal interest rate minus expected inflation – can be taken far below zero by policies that push inflation rates higher.</p>



<p>Positioning portfolios for a depression scenario, then, means preparing for a world of higher rates of price inflation, government spending stimuli, nominal interest rates of zero, and negative real interest rates.</p>



<p><strong>Diversify, diversify, diversify …</strong></p>



<p>In this world, the first three rules of investing must be enforced with the strictest discipline: diversify, diversify, diversify. Portfolio diversification is a free lunch available to every investor, and the surest form of risk management.</p>



<p>We don’t know how or when the pandemic period will end – and we can’t be sure that Roubini is right. But diversifying your portfolio across asset classes, geographies, currencies and industries has a surer prospect of getting you to your investment destination than investment decisions that, in the absence of diversification, could be perfectly right or exactly wrong. This means gold and growth assets, not gold or growth assets; it means China and the US, not China or the US; and it means healthcare and resource stocks, not healthcare or resource stocks.</p>



<p><strong>… and look for </strong><strong>transformative assets</strong></p>



<p>Additionally, investors should consider investing in transformative assets. If Roubini is right, it’s likely that even in an environment of hardship and misery, investments that are inclusive, co-operative, and collaborative will thrive. Covid-19 bonds could be one such asset, where issuers include the African Development Bank, or even the Bank of America, which has come to market with a $1 billion four-year Covid-19 bond to fund lending to hospitals, nursing facilities and healthcare manufacturers.</p>



<p>Then there are transformative businesses that will do better in hard times by doing good business, taking the place of current portfolios winners. In March, Kenyan telecom operator Safaricom made all person-to-person transactions under 1,000 Kenyan shillings free on the mobile money service M-Pesa. Near term, this put one-quarter of Safaricom’s revenue at risk, but long term is likely to entrench the business’s position in the payments market. Likewise, British restaurant chain Leon has reinvented itself by converting 57 sites into shops selling groceries and takeaway meals, saving 1,500 jobs and looking after 70 suppliers.</p>



<p>In other words, depression times do not spell the end for businesses or investors. Rather, as Joseph Schumpeter implores, our task is to create out of the destruction, by redesigning, reinforcing and reinventing.</p>



<p>For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a></p>


COVID-19: Investing for Roubini’s Greater Depression

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<p>Some former African presidents have shown their support for the president of the African Development Bank, Akinwunmi Adesina. This was in a letter over the 16 count allegations levelled against him to which Adesina had stated his innocence. Although the ethics committee of the board of directors of the continental bank has cleared Adesina of these charges, the United States which is one of the major shareholders of the bank has called for an independent probe into the allegations.</p>


Arunma Oteh on Adesina’s probe & why COVID-19 represents an opportunity for Africa

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<p>This year was poised to see major strides in access to finance for SMEs in Kenya. Promising initiatives such as the repeal of the interest rate cap, financing opportunities though the African Development Bank and the establishment of a credit guarantee scheme are just a few of the steps that were underway. But now that the Covid-19 pandemic has reshuffled priorities and budgets worldwide, where does that leave vulnerable Kenyan SMEs? SME Consultant, Victor Otieno joins CNBC Africa for more.</p>


How COVID-19 is affecting SME funding in Kenya


<p>By Jee-A Van Der Linde – Economist</p>



<p>The World Bank will grant Zimbabwe $7m to help fight the economic damage caused by the Covid-19 pandemic.</p>



<p>The Washington-based lender said it will mobilise $5m from its Global Financing Facility Trust Fund towards the outbreak and redirect roughly $2m from its ongoing Idai Recovery Project to communities in need.</p>



<p>The aid comes at a crucial time and despite Zimbabwe being in debt arears with numerous multilateral and bilateral lenders, which renders the country ineligible for new loans or debt forgiveness.</p>



<p>At the beginning of April, Finance Minister Mthuli Ncube wrote to the IMF as well as other leading international lenders, pleading for financial assistance. With more than half of the population in need of food aid and the entire world facing a health pandemic, conditions in the country have reached an acutely distressing point.</p>



<p>Zimbabwe can no longer go at it alone.</p>



<p>After having settled $107.9m of debt with the IMF in 2016, the country is still indebted to the World Bank, African Development Bank (AfDB), and European Investment Bank (EIB), while significant amounts are also owed to other creditors, both within the Paris Club and outside.</p>



<p>The debt situation is precarious, with total external debt (largely in the form of government debt) having ballooned to over $8bn, according to the Ministry of Finance (MoF).</p>



<p>The reasons for this come down to years of economic mismanagement and frequent policy errors.</p>



<p>That said, Zimbabwe is eager to restructure and repay its debt obligations in order to become eligible for new loans. Minister Ncube has previously said that settling arrears will help elevate the country’s credit standing, but a series of external shocks and policy missteps have impeded the process.</p>



<p>When considering Zimbabwe’s tremendous financing needs, the $7m – ZWL$125m at the current 25:1 fixed exchange rate with the greenback – is but a drop in the proverbial bucket and falls at the lower end of what the IMF and World Bank have afforded other African nations.</p>



<p>Although any bit of aid will help at this stage, Zimbabwe’s problems are far from over and it will need more assistance going forward.</p>



<p>NKC’s analysis shows that Zimbabwe will be among the continent’s main economic laggards this year, joining the ranks of oil producing nations which have arguably been the hardest hit by the global pandemic.</p>



<p>Simply put, Zimbabwe’s economy will suffer a very deep contraction in 2020, akin to levels last seen over a decade ago.</p>



<p>That said, conditions can only deteriorate so far and serious intervention will need to take place at some point.</p>



<p>For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a></p>


Zimbabwe tightens coronavirus lockdown in capital Harare as cases hit 203

Op-Ed: World Bank opens its purse to Zimbabwe, but hands out pennies


<p>HARARE (Reuters) &#8211; The World Bank will grant $7 million to Zimbabwe to help it fight the new <a href="https://www.cnbcafrica.com/videos/2020/04/30/morgan-co-on-covid-19-its-impact-on-zimbabwes-economy/">coronavirus outbreak</a> that is expected to worsen an already struggling economy and <a href="https://www.cnbcafrica.com/news/2020/04/02/the-fight-to-keep-4-1-million-zimbabweans-fed-in-covid-19-lockdown/">food crisis</a>, a bank spokesman said on Wednesday.</p>



<p>Zimbabwe is more than $1.2 billion in arrears to the <a href="https://www.cnbcafrica.com/videos/2020/04/09/world-bank-considers-debt-relief-for-africa-to-fight-covid-19/">World Bank</a>, <a href="https://www.cnbcafrica.com/videos/2020/04/09/afdb-announces-10bn-war-chest-to-fight-covid-19/">African Development Bank</a> and European Investment Bank, making it ineligible for funding or debt forgiveness from global lenders.</p>



<p>The World Bank spokesman said that while Zimbabwe and other countries indebted to the lender could not access regular financing, they could get money from its trust funds to fight the coronavirus that has slowed down the <a href="https://www.cnbcafrica.com/videos/2020/05/05/covid-19-what-the-world-can-learn-from-africa-in-dealing-with-a-pandemic/">global economy</a>.</p>



<p>“The bank’s senior management has underlined the need for additional trust fund financing to ensure that Zimbabwe and the small group of other countries in arrears can receive support as part of our global effort to help countries respond to the COVID-19 crisis,” the spokesman said.</p>



<p>Zimbabwe would get $5 million from the World Bank’s global financing facility trust and another $2 million would be diverted from <a href="https://www.cnbcafrica.com/videos/2020/05/04/how-the-covid-19-pandemic-is-taking-its-toll-on-african-livelihoods/">funds meant to help the country recover</a> from a devastating cyclone in 2019.</p>



<p>“We recognise this is a global crisis that impacts every country and we cannot leave anyone behind in our response,” the spokesman said.</p>



<p>Zimbabwe’s finance minister wrote to the International Monetary Fund and other lenders last month warning that the country was being driven towards a <a href="https://www.cnbcafrica.com/videos/2020/05/04/covid-19-lockdowns-when-is-the-right-time-to-reopen-economies/">health and economic catastrophe</a> by the coronavirus pandemic because its debt arrears mean it cannot access foreign financing.</p>



<p>The impoverished southern African nation has only recorded 34 cases and four deaths from the coronavirus but analysts say its fragile health system will not be able to handle any surge in infections.</p>



<p>(Reporting by MacDonald Dzirutwe; Editing by Mark Heinrich)</p>



<p>This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN22I1QX-OZABS">https://af.reuters.com/article/investingNews/idAFKBN22I1QX-OZABS</a> and is republished with its permission.</p>



<p>For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a></p>


Zimbabwe gets $7m COVID-19 lifeline from World Bank

African Development Bank

#AfDBAM2020: AfDB’s Kevin Urama on how Africa can emerge stronger from the COVID-19 crisis

#AfDBAM2020: How Africa can rethink industrialisation after COVID-19

#AfDBAM2020: How to accelerate private sector growth in Lusophone countries

How COVID-19 is impacting Africa’s development & regional integration agenda

#Africa50: Why Investing in Digital Infrastructure Post-COVID-19 is Critical to Africa’s Recovery

Independent panel clears AfDB’s Adesina of all allegations

AfDB forecasts Africa’s growth in 2021

AfDB’s Nnenna Nwabufo on how COVID-19 has impacted African economies

How COVID-19 could condemn millions of Africans into extreme poverty

AfDB boosts Nigeria’s COVID-19 fight with $288.5mn

African Development Bank board stands by embattled President Adesina

President Buhari to AfDB President Adesina: “I’ll stand by you”

COVID-19: Investing for Roubini’s Greater Depression

Arunma Oteh on Adesina’s probe & why COVID-19 represents an opportunity for Africa

How COVID-19 is affecting SME funding in Kenya

Op-Ed: World Bank opens its purse to Zimbabwe, but hands out pennies

Zimbabwe gets $7m COVID-19 lifeline from World Bank

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African Development Bank

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#Africa50: Why Investing in Digital Infrastructure Post-COVID-19 is Critical to Africa’s Recovery

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AfDB boosts Nigeria’s COVID-19 fight with $288.5mn

African Development Bank board stands by embattled President Adesina

President Buhari to AfDB President Adesina: “I’ll stand by you”

COVID-19: Investing for Roubini’s Greater Depression

Arunma Oteh on Adesina’s probe & why COVID-19 represents an opportunity for Africa

How COVID-19 is affecting SME funding in Kenya

Op-Ed: World Bank opens its purse to Zimbabwe, but hands out pennies

Zimbabwe gets $7m COVID-19 lifeline from World Bank

News Tips

Advertise With Us

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